Strong operational and financial results in 2018

31 January 2019

DISCLAIMER This presentation contains certain forward-looking statements, including but not limited to, the statements and expectations contained in the Financial Outlook section of this presentation. Statements herein, other than statements of historical fact, regarding our future results of operations, financial condition, cash flows, business strategy, plans and future objectives are forward-looking statements. Words such as targets, believe, expect, aim, intend, plan, seek, will, may, should anticipate, continue, predict or variations of these words, as well as other statements regarding matters that are not historical fact or regarding future events or prospects, constitute forward-looking statements. Ørsted have based these forward-looking statements on its current views with respect to future events and financial performance. These views involve a number of risks and uncertainties, which could cause actual results to differ materially from those predicted in the forward-looking statements and from the past performance of Ørsted. Although, Ørsted believes that the estimates and projections reflected in the forwardlooking statements are reasonable, they may prove materially incorrect and actual results may materially differ due to a variety of factors, including, but not limited to market risks, development of construction and production assets, regulatory risks, operation of offshore and onshore wind farms, cost of electricity for offshore and onshore wind power. As a result you should not rely on these forward-looking statements. Please also refer to the overview of risk factors in Risk and Management on p. 66 of the 2018 annual report, available at www.orsted.com. Unless required by law, Ørsted is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this presentation, whether as a result of new information future events or otherwise.

Strong operational and financial results in 2018 EBITDA DKKbn Outperformance vs. original guidance of DKK 12-13bn Non-recurring items Offshore new partnerships Existing activities 30.0 Better than expected performance from existing activities DKK 2-3bn: 19.1 22.5 15.1 Strong progress on offshore construction projects, incl. higher partnership earnings and faster ramp-up Higher ROC recycle value 4.7 9.8 Higher earnings in our gas portfolio business from increasing gas prices in 2018 7.8 1.5 2.0 4.3 8.7 1.3 7.4 5.0 9.4 12.7 15.0 Positive outcome of an arbitration related to a gas purchase contract Better than expected performance in LNG business Lower costs across the Group Offshore new partnerships DKK 15.1bn: 2014 realised 2015 realised 2016 realised 2017 realised 2018 realised Farm-down of 50% of Hornsea 1 in 2018 3

Significant investment growth in 2018 Gross investments DKKbn 24.5 Investment growth vs. original guidance of DKK 16-18bn Deepwater Wind Lincoln Clean Energy 4.0 Acquisitions of DKK 9.6bn: Onshore Bioenergy Customer Solutions Offshore 17.7 1.4 15.0 0.9 1.9 0.6 5.6 1.1 1.4 1.2 Lincoln Clean Energy and Deepwater Wind acquired in 2018 Lower spend on construction projects: Lower capex spend related to construction of offshore wind farms 12.4 15.5 11.1 Shift in spending across 2018 and 2019 Early investment in the US offshore and onshore portfolio to qualify for future tax credits 2016 realised 2017 realised 2018 realised 4

Proposed dividend of DKK 9.75 per share - An 8.3% increase Dividend DKK per share +50% 9.00 +8.3% 9.75 Dividend The Board of Directors recommend a dividend of DKK 9.75 per share to be paid for 2018 Increase of 8.3% and a total of DKK 4.1 billion Dividend expected to be paid out on 8 March 2019 Total shareholder return 6.00 Ørsted share yielded a total return of 32% in 2018 Increase in share price of 29% and dividend of DKK 9.00 per share paid for 2017 2016 2017 2018 5

Strategic and operational progress in Q4 2018 Highlights Q4 2018 EBITDA from offshore wind farms in operation up by 26% vs. Q4 2017 Ørsted selected as preferred bidder for an additional 104MW offshore wind capacity in Connecticut Submitted bids in the Rhode Island and New Jersey auctions Signed MoU to work jointly with TEPCO on Choshi offshore wind project near Tokyo 300MW Tahoka onshore wind farm in Texas commissioned in December FID on 184MW Lockett onshore wind project in Texas First stand-alone battery storage facility now commercially active Establishment permit and power purchase agreement delayed on first 900MW of Taiwanese offshore wind projects Exit of Danish power distribution and residential customer businesses continues in a new track 6

Taiwan announces 2019 feed-in-tariff 900MW Changhua 1 and 2a projects Taiwan s Bureau of Energy announced on 30 January the feed-in-tariff for projects which sign a power purchase agreement with Taipower in 2019 Developers can choose between: 20-year flat tariff of TWD 5,516 (approx. EUR 156) per MWh Tiered tariff of TWD 6,279.5 (approx. EUR 178) for first 10 years and TWD 4,142.2 (approx. EUR 118) for subsequent 10 years 2019 feed-in-tariff introduce tiered production cap: 100% of FIT for production up to 4,200 annual full-load hours (48% load factor) 75% of FIT for production from 4,200 to 4,500 annual full-load hours (from 48% to 51% load factor) 50% of FIT for production above 4,500 annual full-load hours (above 51% load factor) We will now collaborate closely with the supply chain to mitigate the adverse impacts from the production cap and the reduced feed-in-tariff to make the projects investable Projects are facing very high costs of developing a local supply chain from scratch, and building a fullscope, large-scale wind farm at a site with demanding characteristics We will work with the Taiwanese authorities and local stakeholders to obtain establishment permit, complete supply chain plan and sign 2019 PPA Our Board of Directors will review and decide on final investment case once we have clarity on outcome of supply contract renegotiations and relevant milestones being achieved Greater Changhua projects 7

Exit of Danish power distribution and residential customer businesses continues in a new track Announced the plan to divest our Danish power distribution and residential customer businesses in June 2018 On 13 January 2019, the Danish Ministry of Finance informed that there was no longer the required political support for continuing the ongoing structured divestment process Consequently Ørsted decided to discontinue the process It is still our assessment that Ørsted is not the best long-term owner Continue to investigate different options to exit the power distribution and residential customer businesses Ongoing work of separating the businesses continues Assets classified as held for sale Will seek to exit all three businesses during 2019 8

Construction programme Offshore Project Borkum Riffgrund 2 Hornsea 1 Borssele 1&2 Virginia Hornsea 2 Country Asset type Capacity 465MW 1,218MW 752MW 12MW (EPC) 1,386MW Expected completion Completed Q4 2018 H2 2019 Q4 2020 / Q1 2021 H1 2021 H1 2022 Status On track On track On track On track Comments All substations installed 167 out of 174 foundations installed 116 out of 174 array cables installed Key supply contracts signed Key supply contracts signed Negotiation and signing of key contracts 9

Construction programme Onshore, Bioenergy and Customer Solutions Project Tahoka Lockett Asnæs CHP plant Renescience Northwich Smart meter roll-out Country Asset type Capacity 300MW 184MW 129MW Heat, 25MW Power 120,000 tonnes waste 1 million installations Expected completion Completed Q4 2018 Q3 2019 Q4 2019 H1 2019 2020 Status On track On track Comments Construction commenced November 2018 10 year PPA signed with Allianz Conversion from coal to sustainable wood chips Follow revised time schedule Mechanical challenges with sorting process On track 679,000 smart meters in use end of 2018 10

Offshore market development US Massachusetts Timing of solicitation of 800MW to be announced Passed bill which could increase offshore wind capacity to 3.2GW by 2035 Three new offshore lease areas awarded through auction on 13-14 December 2018 New York New Jersey Connecticut Rhode Island 800MW offshore wind solicitation with deadline 14 February 2019 Target of 9GW of offshore wind capacity by 2035 announced by Governor Cuomo Federal agency BOEM calling for developer interest in four new offshore lease areas Bid submitted in the 1.1GW offshore wind solicitation with the Ocean Wind project Outcome expected in June 2019 Subsequent auctions of 1.2GW each expected in 2020 and 2022, respectively Target of 3.5GW of offshore wind capacity by 2030 Connecticut Public Utilities Regulatory Authority approved 200MW PPA for Revolution Wind Revolution Wind awarded 104MW additional capacity in Zero-Carbon solicitation 28 December 2018 400MW PPA in process of being filed for regulatory approval for Revolution Wind Bid submitted in the up to 400MW auction in October 2018 Outcome expected in Q2 2019 11

Offshore market development Europe United Kingdom Next UK CfD auction to be initiated in May 2019, subsequent auctions every two years Target annual build-out of 1-2GW to reach 30GW capacity by 2030 Hornsea 3 consent process moving forward as planned Race Bank Extension agreement for lease expected mid-2019 Tender for new leasing rounds expected in 2019 Germany Netherlands Denmark First centralised tender expected in 2021, approx. 800MW to be built annually from 2026 Target of 15GW of offshore wind capacity by 2030 Government target of 11.5GW offshore wind by 2030 Next beauty contest tender, Holland Coast South 3 & 4, expected 14 March 2019 Three offshore wind tenders of at least 2.4GW in total towards 2030 Tenders proposed to include the transmission assets Next tender of 800MW expected in 2020 or 2021 Other EU markets France: Target 3GW by 2023 and 5.2GW by 2028 Belgium: Target 2.2GW by 2020 and 4GW by 2030 Poland: Target 8GW by 2035 12

Offshore market development APAC Taiwan Taiwan has met its target of awarding 5.5GW to be developed by 2025 Auctions of additional 4.5 GW are being planned for post 2025 Greater Changhua 3 600MW ready for future auctions Japan South Korea Target of 10GW offshore and onshore wind power to be developed by 2030 General sea law passed in November 2018, enabling large scale offshore wind development outside harbour areas Signed MoU to work jointly with TEPCO on Choshi offshore wind project near Tokyo Auction design and regulatory framework pending 18GW wind build-out target towards 2030 of which 13GW is offshore Strong need for offshore wind based on onshore limitations and large energy imports Feasibility study of offshore wind sites ongoing - conducted by the government and local players 13

Onshore pipeline development Projects with offtake contracted Sage Draw Wind 300MW, ERCOT West Executed 12 year 250MW PPA with ExxonMobil Executed Interconnection Agreement Expected FID in H1 2019 and COD in 2020 Plum Creek Wind 230MW, SPP 12 year PPA with Smucker Co, Avery Dennison and Vail Resort for >70% capacity Turbine Supply Agreement and Interconnection Agreement executed Expected FID in H2 2019 and COD in 2020 Permian Solar 350MW, ERCOT West Executed 12 year 250MW PPA with ExxonMobil Expected FID in H1 2020 and COD in 2021 14

Q4 Significant impact from Hornsea 1 transaction EBITDA Net profit Free cash flow 13,032 6,200 44-37 -23-10 19,206 9,350 15,160 12,148 11,398 Q4 2017 Offshore Onshore Bioenergy Customer Solutions Other Q4 2018 EBITDA increased by DKK 6.2bn Farm-down of Hornsea 1 in Q4 2018, and farm-down of Walney Extension and Borkum Riffgrund 2 in Q4 2017 Earnings from operating wind farms up 26% compared to Q4 2017 driven by ramp-up of Walney Extension and Race Bank in the UK and Borkum Riffgrund 2 in Germany Contribution from Lincoln Clean Energy, acquired in October 2018 Bioenergy and Customer Solutions in line with Q4 2017 Q4 2017 Q4 2018 Net profit up DKK 5.8bn Higher EBITDA Q4 2017 Q4 2018 FCF down DKK 0.8bn Acquisition of Deepwater Wind and Lincoln Clean Energy ~60% of proceeds from Hornsea 1 farm-down received Tax equity contribution received from partner at Tahoka onshore wind farm Lower paid taxes 15

Full-year All time high EBITDA and Net profit EBITDA Offshore new partnerships Existing activities Net profit Free cash flow 22,519 5,271 1,943 44 215 149-112 30,029 15.1bn 13,279 19,486 5,812 9.8bn 12.7bn 15.0bn 261 FY 2017 Offshore new Offshore existing partnerships activities Onshore Bioenergy Customer Solutions Other FY 2018 EBITDA increased by DKK 7.5bn Farm-down of Hornsea 1 in 2018, and farm-down of Walney Extension and Borkum Riffgrund 2 in 2017 Earnings from operating wind farms up 29% compared to 2017 driven by ramp-up of Walney Extension and Race Bank in the UK and Borkum Riffgrund 2 in Germany Contribution from Lincoln Clean Energy, acquired in October 2018 Bioenergy up DKK 0.2bn from higher spreads and full-year impact from bioconversion of Skærbæk Power Station Customer Solutions slightly below the very strong 2017 FY 2017 FY 2018 Net profit up DKK 6.2bn Higher EBITDA Negative effect from higher taxes and net financial expenses FY 2017 FY 2018 FCF up DKK 5.6bn Higher EBITDA Tax equity contribution related to Tahoka Lower receivables and less funds tied up in working capital Higher gross investments in 2018 relating to US acquisitions 16

Net working capital development Development in work-in-progress Significant funds temporarily tied up in construction of transmission assets in the UK - part of operating cash flow Funds tied up in work-in-progress of DKK 9.7bn end of 2018 Expect to divest Race Bank and Walney Extension transmission assets in 2019 Still expect high level of funds tied up in work-in-progress from construction of transmission assets at Hornsea 1 and 2 Construction of Hornsea 1 for our partner expected to be operating cash flow neutral, as we receive milestone payments during construction phase Development in other items At the end of 2018 we have classified power distribution and residential customer businesses as assets held for sale DKK 2.5bn of net working capital related to these businesses has been moved to assets held for sale. Amount mainly related to connection charges in power distribution Tax equity Tax equity partners upfront payments (and Pay gos) related to PTCs and tax incentives included for FY 2018 Capital employed Net working capital DKKbn Work-in-progress Tax equity CAPEX payable Other items 3.9-2.7-5.7-4.5 FY 2016 1.9 7.5-3.0-2.6 FY 2017 4.4 9.7 1.5-3.7-3.0 FY 2018 17

Net cash position and solid financial ratios Net interest-bearing debt development 24,481 FFO / Adj. net debt % 69 ROCE (LTM) % 32 50 25 5,319-1,517-2,219 31 Dec 2017-10,343 CFO CAPEX -19,950 Divestments -209 Disc. operations Hybrid coupon & other 31 Dec 2018 Net interest-bearing debt at all time low Positive cash flow from operation as EBITDA and tax equity contribution related to Tahoka only partly offset by funds tied in working capital CAPEX included the acquisition of Lincoln Clean Energy and Deepwater Wind Farm-down of Hornsea 1 Distribution of dividends to shareholders of DKK 3.8bn, noncontrolling interests of DKK 0.4bn and interest on hybrid capital of DKK 0.5bn 31 Dec 2017 31 Dec 2018 FFO / Adj. net debt of 69% Credit metric above our target of around 30% 31 Dec 2017 31 Dec 2018 ROCE of 32% Significant positive effect from farm-downs in both years 18

Offshore Q4 financial performance Power generation TWh Denmark United Kingdom Germany EBITDA Sites, O&Ms & PPA Partnerships Other, incl. DEVEX Free cash flow 2.9 0.8 3.3 0.7 12,591 18,791 4,053 13,417 15,253 3,226 1.7 2.0 10,033 15,413 0.4 0.6 Q4 2017 Q4 2018 Power generation up 14% Ramp-up of generation from Race Bank, Walney Ext. and Borkum Riffgrund 2 Lower wind speeds than Q4 2017 (10.3m/s vs. 11.0m/s in 2017. Norm 10.4m/s) -668 Q4 2017-675 Q4 2018 EBITDA up DKK 6.2bn Partnerships increased due to farm-down of Hornsea 1 in Q4 2018. 2017 was impacted by farm-down of Walney Ext. and Borkum Riffgrund 2 Earnings from offshore wind farms in operation increased by 26% due to ramp-up Q4 2017 Q4 2018 FCF increased DKK 1.8bn Increase primarily related to higher proceeds from farmdowns in 2018 19

Offshore Full-year financial performance Power generation TWh Denmark United Kingdom Germany EBITDA Sites, O&Ms & PPA Partnerships Other, incl. DEVEX Free cash flow ROCE (LTM) % 10.0 27,809 10,409 37 8.5 2.5 4.5 2.2 6.1 20,595 8,529 13,667 11,042 18,765 4,628 28 1.5 1.7 FY 2017 FY 2018-1,601 FY 2017-1,998 FY 2018 FY 2017 FY 2018 31 Dec 2017 31 Dec 2018 Power generation up 18% Ramp-up of generation from Race Bank, Walney Ext. and Borkum Riffgrund 2 Lower wind speed (9.1m/s vs. 9.3m/s in 2017. Norm 9.1m/s) EBITDA up DKK 7.2bn Earnings from operating wind farms up 29% Earnings from partnerships up by DKK 5.1bn from farm-down of Hornsea 1 in 2018 Partly offset by increased project development costs FCF increased DKK 5.8bn High proceeds from farm-down of Hornsea 1 Increase in funds tied up in construction of transmission assets and offshore wind farms for partners lower in 2018 than in 2017 Partly offset by higher paid taxes ROCE up 9%-points Increase significantly impacted by farm-down of Hornsea 1 20

Onshore Full-year financial performance Power generation GWh EBITDA Sites PTCs and tax incentives Other, incl. DEVEX Free cash flow 552 44 40 85-81 FY 2018 Power generation of 552GWh Primarily generation from Amazon and Willow Springs FY 2018 EBITDA of DKK 44m EBITDA from Sites and PTCs offset by project development and other costs -4,910 FY 2018 FCF of DKK -4.9bn Acquisition price amounted to DKK 5.6bn, incl. acquired debt Investments in Tahoka and Lockett Tax equity contribution related to Tahoka 21

Bioenergy Q4 and full-year financial performance EBITDA Q4 Heat 240 203 Ancillary services Power Free cash flow Q4 579 EBITDA FY 152 Heat Ancillary services Power 367 Free cash flow FY 518 235 245 695 765 122 133-117 -175 Q4 2017 Q4 2018 147 Q4 2017 Q4 2018 321 404-864 -802 FY 2017 FY 2018-796 FY 2017 FY 2018 EBITDA in line EBITDA marginally lower than Q4 2017 FCF up DKK 0.4bn Higher inventories in Q4 2017 First bioconversion subsidy received on Asnæs Power Station EBITDA up DKK 0.2bn Bioconversion of Skærbæk Power Station (Q4 2017) Higher spreads, partly offset by higher project development costs FCF up DKK 1.3bn Higher EBITDA Received prepayments related to the bioconversion of Asnæs Power Station Divestment of Enecogen 22

Customer Solutions Q4 and full-year financial performance EBITDA Q4 Free cash flow Q4 EBITDA FY Free cash flow FY 179 156 146 2,082 1,970 1,050 Q4 2017 Q4 2018-71 Q4 2017 Q4 2018 FY 2017 FY 2018-1,289 FY 2017 FY 2018 EBITDA at DKK 0.2bn Lower value of gas at storage in Q4 2018 vs. a positive effect in Q4 2017 Higher costs in Sales LNG increased as 2017 impacted by provisions (DKK 0.4bn) FCF increased DKK 0.2bn Lower receivables Lower paid taxes EBITDA down DKK 0.1bn Strong trading results in 2017 2018 significantly outperformed expectations Increasing gas prices gave positive storage effects and gains on time spread hedges which will come back negatively in 2019 2018 impacted by arbitration gain LNG increased from higher margins in 2018 and provision in 2017 FCF increased DKK 2.3bn Negative effect from intra-group settlement of hedges relating to O&G divestment in 2017 Lower receivables and less funds tied up in clearing accounts Higher ROC inventory due to higher offshore wind generation 23

2018 realised IFRS 16 Offshore Sites, O&M and PPAs Offshore Partnerships Offshore Other, incl. DEVEX Onshore Bioenergy Distribution and Sales Markets 2019 guidance Outlook Guidance for 2019 2019 EBITDA expected to be DKK 15.5-16.5 billion Positive impact of DKK 0.6bn from implementation of IFRS 16 (majority in Offshore) Guidance on EBITDA excl. new partnerships DKKbn Offshore site EBITDA positively impacted by ramp-up No new partnerships expected in 2019 15.0 15.5-16.5 Earnings from construction agreements expected to decrease Expensed Offshore project development costs to increase due to global expansion Significant positive impact in Onshore from full-year contribution and Tahoka ramp-up Bioenergy up due to higher spreads Significant decline in Markets due to gains from increasing gas prices in 2018, reverting with negative impact in 2019 Power distribution and residential customer businesses included for the full year 2019 gross investments guidance Gross investments expected to be DKK 21-23 bn 24

Outlook Business unit EBITDA FY 2019 vs. FY 2018 Offshore Higher Earnings from offshore wind farms in operation expected to increase relative to 2018. Full commissioning of Hornsea 1 in H2 2019, as well as higher earnings from Borkum Riffgrund 2 and Walney Extension, which were fully commissioned during 2018 Earnings from existing partnership agreements expected to decline relative to 2018. 2018 earnings primarily related to Walney Ext. and Borkum Riffgrund 2 (DKK 3.7bn). In 2019, earnings will come from Hornsea 1 and contribute with approx. DKK 2.6-2.7bn Expensed project development costs expected to increase as a result of global expansion Onshore Significantly higher Acquired Lincoln Clean Energy on 1 October 2018 2019 will be the first full year of operation from this business unit Earnings from onshore wind farms in operation expected to increase as new wind farms come on line In December 2018, we commissioned Tahoka, and we expect to commission Lockett in Q3 2019 25

Outlook Business unit EBITDA FY 2019 vs. FY 2018 Bioenergy Higher Total EBITDA from heat and power generation activities expected to increase, primarily from expected increased generation on biomass and expected increase in Danish wood pellet spreads and green dark spreads Earnings from ancillary services are expected to be lower than 2018, and in line with 2017 Customer Solutions Significantly lower Significant decline in Markets expected, due to gains from increasing gas prices in 2018, reverting with negative impact in 2019 LNG business positively affected by strong market fundamentals in 2018. We expect lower earnings in 2019 Positive outcome of an arbitration case in 2018, which will not be repeated in 2019 We plan to exit power distribution and residential customer businesses during 2019. Included with full-year impact in our outlook. We do not expect any significant changes in earnings from these activities compared to 2018 26

Financial estimates and policies Financial estimates Target Financial policies Target Total capex spend, 2019-2025 DKK 200bn Rating (Moody s/s&p/fitch) Baa1/BBB+/BBB+ Capex allocation split, 2019-2025: - Offshore 75-85% - Onshore 15-20% - Bioenergy + Customer Solutions 0-5% Average ROCE, 2019-2025 ~10% Average share of EBITDA from regulated and contracted activities, 2019-2025 Average yearly increase in EBITDA from offshore and onshore wind farms in operation, 2017-2023 ~90% ~20% FFO/Adjusted net debt Around 30% Dividend policy: Ambition to increase the dividend paid by a high single-digit rate compared to the dividends for the previous year up until 2025 Dividend for 2018: The Board of Directors recommends to the annual general meeting that dividends of DKK 9.75 per share be paid for 2018, equating to an increase of 8.3% and a total of DKK 4.1bn 27

Q&A Conference call DK: +45 35 44 55 83 UK: +44 203 194 0544 US: +1 855 269 2604 For questions, please press 01

Offshore wind build-out plan Installed capacity MW 5,573 1,218 6,791 752 1,386 8,929 900 1,142 920 950 12,841 Operational Q4 2018 Hornsea 1 Total by 2020 Borssele 1&2 Hornsea 2 Decided (FID) capacity (2022) Greater Changhua 1&2a German Development Portfolio Greater Changhua 2b&4 Deepwater Wind portfolio Decided & Awarded capacity Country UK Netherlands UK Taiwan Germany Taiwan US Expected completion H2 2019 Q4 2020 / Q1 2021 H1 2022 2021 (Pending FID in 2019) 2024/2025 (Pending FID in 2021) 2025 (Pending FID in 2023) 2022-2023 (Pending FIDs post 2020) Turbine 174 x 7MW Siemens Gamesa 94 x 8MW Siemens Gamesa 165 x 8MW Siemens Gamesa 112 x 8MW Siemens Gamesa Turbine selection pending Turbine selection pending Turbine selection pending 30

Onshore wind build-out plan Installed capacity MW 650 2,527 350 1,877 813 184 300 230 1,527 Operational Q4 2018 Lockett Sage Draw Plum Creek Total by Permian Solar Total by Pipeline Total by 2020 2021 2022 Region ERCOT ERCOT SPP ERCOT Expected completion Q3 2019 2020 2020 2021 Turbine 75 x 2.45MW GE 120 x 2.5MW GE 92 x 2.5MW GE - 31

Group Financial highlights FINANCIAL HIGHLIGHTS Q4 2018 Q4 2017 D FY 2018 FY 2017 D EBITDA 19,206 13,032 47% 30,029 22,519 33% Offshore 18,791 12,591 49% 27,809 20,595 35% Onshore 44 - n.a. 44 - n.a. Bioenergy 203 240 (15%) 367 152 141% Customer Solutions 156 179 (13%) 1,970 2,082 (5%) Net profit continuing operations 15,160 9,350 65% 19,486 13,279 47% Net profit discontinued operations 34 79 (57%) 10 6,920 (692%) Total net profit 15,194 9,429 61% 19,496 20,199 (3%) Operating cash flow 7,565 3,078 146% 10,343 1,023 911% Gross investments (14,916) (5,805) (157%) (24,481) (17,744) (38%) Divestments 18,749 14,875 26% 19,950 16,982 17% Free cash flow continuing operations 11,398 12,148 (6%) 5,812 261 2127% Net interest-bearing debt (2,219) (1,517) (46%) (2,219) (1,517) (3%) FFO/Adjusted net debt 1 % 69 50 19%p 69 50 19%p ROCE 1 % 32.1 25.2 6.9%p 32.1 25.2 6.9%p 32 1. ROCE: Last 12 months

Offshore Financial highlights FINANCIAL HIGHLIGHTS Q4 2018 Q4 2017 D EBITDA 18,791 12,591 49% Sites incl. O&Ms and PPAs 4,053 3,226 26% Partnership agreements and farm-down gains 15,413 10,033 54% Other incl. A2SEA and project development (675) (688) 1% ROCE 1 % 37.2 28.4 8.8%p KEY BUSINESS DRIVERS WIND SPEED (m/s) 2017 2018 Normal wind year Power generation TWh 3.3 2.9 14% Wind speed m/s 10.3 11.0 (6%) Availability % 93 92 1%p 9.9 10.3 8.5 7.9 7.9 7.7 11.0 10.3 9.3 9.1 Load factor % 53 54 (1%p) Installed capacity GW 5.6 3.9 44% Production capacity GW 3.0 2.5 20% Q1 Q2 Q3 Q4 FY 33 1. ROCE: Last 12 months

Onshore Financial highlights FINANCIAL HIGHLIGHTS Q4 2018 EBITDA 44 Sites 40 Production tax credits and tax incentives 85 Other incl. project development (81) ROCE 1 % (0.3) KEY BUSINESS DRIVERS Power generation TWh 0.6 Wind speed m/s 7.3 Availability % 92 Load factor % 41 Installed capacity MW 813 Production capacity GWh 552 34 1. ROCE: Last 12 months

Bioenergy Financial highlights FINANCIAL HIGHLIGHTS Q4 2018 Q4 2017 D EBITDA 203 240 (15%) Heat 245 235 4% Ancillary services 133 122 9% Power (175) (117) 50% Free cash flow 579 147 294% KEY BUSINESS DRIVERS Heat generation TWh 2.8 2.8 (0%) Power generation TWh 1.8 2.3 (22%) Degree days # 884 895 (10%) Power price, DK EUR/MWh 50.5 30.6 65% Green dark spread, DK EUR/MWh 3.0 (5.1) n.a. 35

Customer Solutions Financial highlights FINANCIAL HIGHLIGHTS Q4 2018 Q4 2017 D EBITDA 156 179 (13%) Distribution 299 172 74% Sales (72) 21 n.a. Markets 57 575 (90%) LNG (128) (589) (78%) ROCE 1 % 17.6 13.1 4.5%p KEY BUSINESS DRIVERS RAB Power 10,957 10,623 3% Gas sales TWh 26.0 36.9 (30%) Power sales TWh 10.4 10.6 (2%) Distribution of power TWh 2.3 2.2 5% 36 1. ROCE: Last 12 months

Currency and energy exposure Currency exposure 2019-2023 Energy exposure 2019-2023 Before hedging Before hedging 62.2 After hedging After hedging 19.3 16.6 0.3 7.1 2.2 1.6 GBP* -2.5 USD -2.5-0.1-0.1-2.4 Oil Gas Power Spread Risk after hedging, DKKbn Effect of price +10% Effect of price +10% Risk after hedging DKKbn Effect of price +10% Effect of price -10% GBP: 16.6 sales position +1.6-1.6 USD: 2.5 purchase position -0.3 +0.3 * The GBP exchange rate for hedges impacting EBITDA in 2019 and 2020 is hedged at an average exchange rate of DKK/GBP 8.4 and 8.4, respectively. Oil: 0.1 purchase position +0.0-0.0 Gas: 0.1 sales position +0.0-0.0 Power: 7.1 sales position +0.7-0.7 Spread: 1.6 sales position +0.2-0.2 37

Capital employed CAPITAL EMPLOYED, FY 2018 FY 2017 Intangible assets and property and equipment 84,832 76,534 Equity Investments and non-current receivables 1,445 1,187 Net working capital, work in progress 9,654 7,526 Net working capital, tax equity (3,719) - Net working capital, capital expenditures (2,978) (3,039) Net working capital, other items 1,489 (2,581) Derivatives, net (2,626) 496 Assets classified as held for sale, net 10,372 2,012 Decommissioning obligations (5,472) (4,751) Other provisions (7,982) (6,769) Tax, net (2,629) (464) Other receivables and other payables, net 510 169 Total capital employed 82,896 70,320 OF WHICH CONTINUING OPERATIONS 83,039 70,556 Capital employed by segment %, FY 2018 Offshore Onshore 6% 2% 13% Bioenergy Customer Solutions 82.9 DKKbn OF WHICH DISCONTINUED OPERATIONS (143) (236) 79% 38

FFO/Adjusted net debt calculation FUNDS FROM OPERATIONS / ADJUSTED NET DEBT () FY 2018 FY 2017 EBITDA Business Performance 30,029 22,519 Interest expenses, net (877) (629) Reversal of interest expenses transferred to assets (506) (754) Interest element of decommission obligations (192) (194) 50% of coupon payments on hybrid capital (272) (320) Operating lease obligations, interest element (196) (234) Adjusted net interest expenses (2,043) (2,131) Reversal of gain (loss) on divestment of assets (14,995) (10,835) Reversal of recognised lease payment 778 885 Current tax (3,068) (2,447) FUNDS FROM OPERATION (FFO) 10,701 7,991 Total interest-bearing net debt (2,219) (1,517) 50% of hybrid capital 6,619 6,619 Cash and securities, not available for distribution 1,583 749 Present value of operating lease payments 4,819 6,095 Decommission obligations 5,471 4,751 Deferred tax on decommissioning obligations (757) (797) ADJUSTED INTEREST-BEARING NET DEBT 15,516 15,900 FFO / ADJUSTED INTEREST-BEARING NET DEBT 69% 50% 39

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030+ Debt overview Gross debt and hybrids Q4 2018 9% Long term gross debt maturity schedule Q4 2018, DKKbn Cost of debt (%) Modified duration (%) Avg. time to maturity (years) Bond loans 4.0 8.2 10.5 Bank loans 2.3 0.5 6.1 Total 3.8 7.3 9.9 33% 40.98 DKKbn 58% 12 10 8 6 4 2 Bonds Hybrids Bank loans 0 Bonds Bank loans 40

Hybrid capital in short Hybrid capital can broadly be defined as funding instruments that combine features of debt and equity in a cost-efficient manner: Hybrid capital encompasses the creditsupportive features of equity and improves rating ratios Perpetual or long-dated final maturity (1,000 years for Ørsted) Absolute discretion to defer coupon payments and such deferrals do not constitute default nor trigger crossdefault Deeply subordinated and only senior to common equity Without being dilutive to equity holders (no ownership and voting rights, no right to dividend) Due to hybrid s equity-like features, rating agencies assign equity content to the hybrids when calculating central rating ratios (e.g. FFO/NIBD). The hybrid capital has increased Ørsted s investment capacity and supports the growth strategy and rating target. Ørsted has made use of hybrid capital to maintain our ratings at target level in connection with the merger with Danish power distribution and production companies back in 2006 and in recent years to support our growth in the offshore wind sector. Currently, Ørsted has fully utilised it s capacity to issue hybrids (S&P has the strictest limit of 15% of total capitalisation). HYBRIDS ISSUED BY ØRSTED A/S 1 PRINCIPAL AMOUNT TYPE FIRST PAR CALL COUPON ACCOUNTING TREATMENT 2 TAX TREATMENT RATING TREATMENT 6.25% hybrid due 3013 EUR 700m Hybrid capital (subordinated) June 2023 Fixed for the first 10 years, first 25bp step-up in June 2023 100% equity Debt tax-deductible coupon payments 50% equity, 50% debt 3.0% hybrid due 3015 EUR 600m Hybrid capital (subordinated) Nov. 2020 Fixed during the first 5.5 years, first 25bp step-up in Nov. 2025 100% equity Debt tax-deductible coupon payments 50% equity, 50% debt 2.25% Green hybrid due 3017 EUR 500m Hybrid capital (subordinated) Nov. 2024 Fixed during the first 7 years, first 25bp step-up in Nov. 2029 100% equity Debt tax-deductible coupon payments 50% equity, 50% debt 41 1. All listed on Luxembourg Stock Exchange and rated Baa3 (Moody s), BB+ (S&P) and BBB- (Fitch). The Green hybrid is furthermore listed on the Luxembourg Green Exchange (LGX) 2. Due to the 1,000-year structure

Ørsted Green Bonds Bond type Green Senior Bond Green Hybrid Bond Projects Allocated amount: Green Senior Bond Allocated amount: Green Hybrid Bond Face Value (EURm) 750 500 Green Bond net proceeds () 5,499 3,674 Settlement date 24 November 2017 24 November 2017 ISIN XS1721760541 XS1720192696 Maturity 26 November 2029 24 November 3017 Allocated proceeds to new Eligible Projects in 2017 () Roll back from smart meter rollout Allocated proceeds to new Eligible Projects in 2018 () 1,300 900-250 0 4,449 1,650 Refinancing () 0 0 Unallocated Amount () 0 1,124 Avoided emissions (t CO2/year) attributable to the bonds: 590,000 278,000 Offshore Wind 2018 2017 2018 2017 Total Borkum Riffgrund 2 2,149 500 500 2,649 Borssele 1&2 500 500 Hornsea 1 2,200 400 200 2,800 Hornsea 2 100 100 Race Bank 400 400 Walney Extension 500 750 1,250 Total 4,449 900 1,650 700 7,699 Bioenergy 2018 2017 2018 2017 Asnæs Power Station biomass conversion Skærbæk Power Station biomass conversion Total 150 150 200 200 Total 4,449 1,050 1,650 900 350 42

Financing strategy We have a centralised financing strategy as customary for vertically and horizontally integrated European energy utilities. The strategy supports: A capital structure supportive of our BBB+ rating ambition Concentration of and scale in financing activities Cost efficient financing based on a strong parent rating Optimal terms and conditions and uniform documentation Transparent debt structure and simplicity No financial covenants and restrictions on operating arrangements Corporate market more stable and predictable than project finance market Avoidance of structural subordination All cash flow generated by our subsidiaries supports the creditworthiness and rating of and thus the debt taken up by the parent company, Ørsted A/S. The financing strategy optimizes the effect of a fully integrated cash pool where cash at practically all of the company s more than 150 subsidiaries is made available for the company s financing and liquidity purposes. Financing of activities at subsidiary level is provided by Ørsted A/S in a standardised and cost-efficient setup involving very few resources at Business Unit and Corporate Treasury. Widespread use of project financing is not considered cost-efficient and dilutes the creditworthiness of the company. 43

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Interest rate and inflation risk management Four risk categories of assets and debt allocation Illustrative Fixed nominal Assets Debt Equity Inflation-indexed Assets Debt Equity Fixed nominal revenue assets Primarily continental- EU offshore wind Primarily matched with fixed nominal debt Inflation-indexed revenue assets Primarily UK offshore wind Primarily matched with equity Variable regulated Assets Debt Equity Other Assets Equity Variable regulated revenue assets Primarily Power Distribution Ideally matched with variable-rate debt Other, mainly energy price exposed assets Matched with equity Objectives of interest rate and inflation risk management 1. Protect long-term real value of equity by offsetting interest and inflation risk exposure embedded in assets by allocating debt with similar, but opposite risk exposure 2. Cost of funding optimized by actively managing debt portfolio 3. Cost of hedging minimised by using natural portfolio synergies between assets, allowing matching of up to 100% of asset value with appropriate debt Framework for risk management Assets divided into four different risk categories, based on nature of inflation and interest risk exposure Simple risk metrics are used to match assets with appropriate debt within each category Fixed nominal-category has first priority for debt allocation, to protect shareholders against inflation eroding the real value from fixed nominal cash flows Inflation-indexed revenues reserved to service equity return for shareholders thereby to a large extent protecting the real value of equity against fluctuations in inflation rates 45 The pie charts represent approximate size of the exposures.

Daniel Lerup Head of Investor Relations DANIL@orsted.com Rasmus Hærvig Senior Investor Relations Officer RAKOL@orsted.com Dennis Callesen Lead Investor Relations Officer DECAL@orsted.com